Key Points
- Chairman David Overton sold 94,145 Cheesecake Factory shares at an average price of $106.27, generating approximately $10.0 million. His remaining ownership fell by 51.18% to 89,805 shares.
- Cheesecake Factory reported quarterly earnings of $1.44 per share, exceeding estimates of $1.18, while revenue rose 7.7% year over year to $1.03 billion.
- The company declared a quarterly dividend of $0.30 per share, equivalent to $1.20 annually and a 1.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $81.
The Cheesecake Factory Incorporated (NASDAQ:CAKE - Get Free Report) Chairman David Overton sold 94,145 shares of Cheesecake Factory stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $106.27, for a total transaction of $10,004,789.15. Following the sale, the chairman owned 89,805 shares in the company, valued at approximately $9,543,577.35. This represents a 51.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Cheesecake Factory Stock Performance
CAKE stock opened at $107.31 on Friday. The company has a 50-day simple moving average of $80.96 and a 200 day simple moving average of $67.49. The company has a market capitalization of $5.34 billion, a P/E ratio of 29.08, a PEG ratio of 1.90 and a beta of 1.00. The company has a quick ratio of 0.53, a current ratio of 0.59 and a debt-to-equity ratio of 1.08. The Cheesecake Factory Incorporated has a fifty-two week low of $43.07 and a fifty-two week high of $107.95.
Cheesecake Factory (NASDAQ:CAKE - Get Free Report) last released its earnings results on Tuesday, July 28th. The restaurant operator reported $1.44 EPS for the quarter, beating the consensus estimate of $1.18 by $0.26. Cheesecake Factory had a net margin of 4.61% and a return on equity of 43.97%. The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $999.54 million. During the same quarter last year, the company earned $1.16 EPS. Cheesecake Factory's quarterly revenue was up 7.7% on a year-over-year basis. Sell-side analysts predict that The Cheesecake Factory Incorporated will post 4.43 earnings per share for the current fiscal year.
Cheesecake Factory Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Tuesday, August 11th. Cheesecake Factory's dividend payout ratio (DPR) is currently 32.52%.
Institutional Investors Weigh In On Cheesecake Factory
Several hedge funds have recently modified their holdings of the stock. Salomon & Ludwin LLC boosted its position in shares of Cheesecake Factory by 226.5% in the 4th quarter. Salomon & Ludwin LLC now owns 604 shares of the restaurant operator's stock valued at $33,000 after purchasing an additional 419 shares during the period. Global Retirement Partners LLC increased its stake in Cheesecake Factory by 661.7% in the 4th quarter. Global Retirement Partners LLC now owns 716 shares of the restaurant operator's stock worth $36,000 after purchasing an additional 622 shares in the last quarter. NFSG Corp raised its holdings in Cheesecake Factory by 115.8% during the 1st quarter. NFSG Corp now owns 682 shares of the restaurant operator's stock worth $37,000 after buying an additional 366 shares during the period. Root Financial Partners LLC raised its holdings in Cheesecake Factory by 973.2% during the 4th quarter. Root Financial Partners LLC now owns 880 shares of the restaurant operator's stock worth $44,000 after buying an additional 798 shares during the period. Finally, Arax Advisory Partners purchased a new stake in Cheesecake Factory during the fourth quarter valued at about $50,000. 94.48% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
CAKE has been the subject of a number of research reports. Zacks Research raised Cheesecake Factory from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Oppenheimer upped their price target on shares of Cheesecake Factory from $91.00 to $101.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Mizuho lifted their price objective on shares of Cheesecake Factory from $85.00 to $93.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Robert W. Baird boosted their target price on shares of Cheesecake Factory from $65.00 to $90.00 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Finally, Barclays increased their target price on shares of Cheesecake Factory from $58.00 to $60.00 and gave the company an "underweight" rating in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Cheesecake Factory presently has a consensus rating of "Hold" and a consensus target price of $81.00.
View Our Latest Report on CAKE
About Cheesecake Factory
(
Get Free Report)
The Cheesecake Factory Incorporated (NASDAQ:CAKE) is an American restaurant company and distributor renowned for its full-service casual-dining concept and specialty cheesecakes. Headquartered in Calabasas Hills, California, the company operates more than 200 restaurants under The Cheesecake Factory® brand across the United States, Puerto Rico and select international markets. In addition to sit-down dining, Cheesecake Factory franchised locations offer catering and take-out services, while a separate manufacturing arm supplies branded cheesecakes and desserts to supermarkets, hotels and other foodservice operators.
The origins of the brand trace back to a small cheesecake bakery founded in Detroit in the 1940s.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
